Nigeria triumphs as London Court rejects P&ID’s $11 billion appeal
The Process and Industrial Development (P&ID) has lost its final appeal against Nigeria in an eleven-billion-dollar arbitration case.
P&ID sought to overturn an October judgment by a London High Court that halted the enforcement for damages over a failed gas processing project.
The High Court had earlier ruled in October that the British Virgin Islands-based company paid bribes to a Nigerian oil ministry official in connection with the gas contract signed in 2010 and failed to disclose this when it took Nigeria to arbitration over the collapse of the deal.
In his ruling, Judge Robin Knowles rejected P&ID’s argument that the case should be returned for arbitration and affirmed that the damages award should be thrown out completely.
Judge Knowles had on October 23 ruled in favour of Nigeria in the enforcement of a $11billion Process & Industrial Developments (P&ID) Limited arbitration award.
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According to the judge, the award against Nigeria by the company was obtained by fraud.
The judge had found out that P&ID paid a bribe to Nigerian officials who were part of drafting the gas supply and processing agreement in 2010.
Also discovered by the Judge was that P&ID was illegally in possession of Nigeria’s privileged legal documents during the arbitration hearings.
Nigeria had urged the court to set the award aside, saying that some individuals in the case were being tried for money laundering and graft.
But after listening to the arguments by lawyers to P&ID, including that the documents found in their possession played no role in its initial victory at the arbitration, the Judge on Thursday refused to grant permission to appeal.
P&ID cannot apply for permission from the Court of Appeal.